Top reasons for Narberth lease extension

Main reasons to start your Narberth lease extension today:

Increase your lease and increase your Narberth property value

Narberth leases on residential properties are gradually losing value. if your lease has about ninety years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to be in place before the term of the current lease dips below 80 years - otherwise a higher amount will be payable. Flat owners in Narberth will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain situations you may not be entitled. There are also strict timetables and steps to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.

Narberth property with a lease extension is almost the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders will not lend on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to become jittery at around 75 years. This may cause difficulties when you wish to dispose of or refinance your property as it will be effectively unmortgageable. You may not have an imminent plan to sell but when you do your purchaser will need to hold off for 2 years before being able to initiate the legal procedures for a lease extension.

What makes us experts in Narberth lease extensions?

Regardless of whether you are a tenant or a landlord in Narberth,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Narberth valuers.

Narberth Lease Extension Example Cases:

Jude, Narberth, Pembrokeshire,

Jude was the the leasehold owner of a conversion flat in Narberth on the market with a lease of a little over fifty eight years outstanding. Jude informally approached his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. No ground rent would be due on a lease extension were Jude to invoke his statutory right. Jude obtained expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Narberth case:

Last Autumn we were called by Dr S François , who owned a first floor apartment in Narberth in July 1996. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Similar flats in Narberth with 100 year plus lease were worth £260,000. The mid-range ground rent payable was £50 billed monthly. The lease ended in 2098. Having 72 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of costs.

Narberth case:

In 2009 we were approached by Dr A Hall who, having took over the lease of a studio flat in Narberth in August 2008. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Comparable properties in Narberth with 100 year plus lease were in the region of £256,600. The mid-range ground rent payable was £60 invoiced annually. The lease terminated in 2078. Having 52 years left we approximated the compensation to the freeholder to extend the lease to be between £39,000 and £45,000 exclusive of fees.